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Govt to Sell Entire 26.12% Stake in Tata Communications – Top Indian Market News

Govt to sell entire 26.12% stake in Tata Communications

The Indian government will sell its entire 26.12% shareholding in Tata Communications Limited (TCL). It will sell up to 4.59 crore equity shares (forming 16.12% shareholding) of TCL through an offer for sale (OFS) via stock exchanges. The remaining 10% stake will be sold to Tata Son’s investment arm Panatone Finvest Ltd. Tata Sons currently owns 14.1% of TCL, while Panatone Finvest has a 34.8% stake in the company.

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SpiceJet introduces 66 new flights in domestic network

SpiceJet Limited has announced 66 new domestic flights to meet the increasing demand for air travel from smaller cities. This includes five additional non-stop flights from Pune to Darbhanga, Durgapur, Gwalior, Jabalpur, and Varanasi. Kolkata–Darbhanga, Chennai–Jharsuguda, and Nashik-Kolkata flights are among others that will be launched on March 28, 2021. The airline will press its Boeing 737 and Bombardier Q400 aircraft into service on these new routes.

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Dilip Buildcon gets provisional completion certificate for road project in Maharashtra

Dilip Buildcon Limited has received a provisional completion certificate from the National Highways Authority of India (NHAI) for a road project in Maharashtra. The project involved four/six-laning of the Karodi-Telwadi section of NH 211 in Maharashtra under NHDP Phase IV-B on an engineering, procurement, and construction (EPC) mode. The company is entitled to receive a bonus of Rs 5.08 crore for completing the project 30 days before the scheduled completion date.

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Finance Ministry to infuse Rs 14,500 crore in banks under PCA soon: Report

As per reports from multiple sources, the Finance Ministry is likely to infuse Rs 14,500 crore into banks that are under RBI’s Prompt Corrective Action (PCA) framework in the next few days. This will help improve the financial health of stressed public sector banks (PSBs) in the country. Indian Overseas Bank, Central Bank of India, and UCO Bank are currently under the PCA framework. Earlier this week, IDBI Bank was removed from this framework.

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Indian Railway’s freight loading for FY21 surpasses that of last financial year

Indian Railways has surpassed freight loading figures of the previous financial year (FY 2019-20) despite challenges faced due to the Covid-19 pandemic. As per government data, Railways achieved a cumulative freight loading of 1145.68 million tonnes (MT) as of March 11, 2021. The figure stood at 1145.61 MT during the same period last year. The loading of iron and steel, cement, and other goods has increased.

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Bitcoin surges past $60,000 to hit a record high

Bitcoin has crossed the $60,000-mark to hit a new record high on Saturday. The cryptocurrency is benefitting from optimism in financial markets after US President Joe Biden signed the $1.9 trillion Covid-19 relief package. Bitcoin has surged around 1,000% over the past year and has a market value of $1.12 trillion.

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IIFL Finance to close bond issue early on March 18

IIFL Finance Limited said that its bond issue will close on March 18 following better than expected response from investors. The issue of unsecured redeemable non-convertible debentures (NCDs) was scheduled to close on March 23. The NCDs, which offer up to 10.03% yield, have already been subscribed for Rs 468 crore. IIFL Finance is a non-banking financial company backed by the UK-based CDC Group.

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India’s FinTech industry valuation estimated at $150-160 billion by 2025: FICCI-BGG report

According to a report from Boston Consulting Group (BCG) and FICCI, India’s financial technology (FinTech) companies are likely to become three times more valuable in the next five years. The report states that the FinTech sector will reach a valuation of $150-160 billion (~Rs 10.9 lakh crore- Rs 11.6 lakh crore) by 2025. India’s dynamic FinTech industry has over 2,100 companies, of which 67% have been set up over the last 5 years alone.

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India imposes anti-dumping duty on Chinese antibacterial drug

The Indian government has imposed anti-dumping duty in the range of $0.91-$3.27 per kilogram on the Chinese antibacterial drug- Ciprofloxacin. The Directorate General of Trade Remedies (DGTR) had recommended imposing the duty after it found that the drug was being exported to India at a cheaper rate, which resulted in dumping. The anti-dumping duty has been imposed for a period of five years. This will help protect the domestic pharma industry.

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Bitcoin nears Trillion-Dollar Market Cap! – Top 10 Global News

1. Stocks Steady as Earnings Take Focus Off Bonds

Stocks in Europe snapped their longest streak of losses since October as Treasuries steadied, while attention shifted to corporate earnings and economic data. Oil added to recent losses. The Stoxx Europe 600 index fluctuated before heading higher for the first time in four days. Futures on the S&P 500 and Nasdaq 100 gained and the dollar weakened. With the yield on the 10-year Treasury benchmark settling back around 1.3%, the focus is turning to corporate earnings reports. Rising yields dominated discussion this week and raised concern about the staying power of the New Year rally. The fear is that a rise in borrowing costs and price pressures could derail the economic recovery.

The Stoxx Europe 600 index climbed 0.3% by 9:40 a.m. in London.

S&P 500 futures added 0.3%.

The MSCI Asia Pacific index was little changed.

MSCI’s Emerging Markets index rose 0.2%.

2. Bitcoin Nears $1 Trillion Value as Crypto Jump Tops Other Assets

Bitcoin is closing in on a market value of $1 trillion, a surge that’s helping cryptocurrency returns far outstrip the performance of more traditional assets like stocks and gold. The largest token has added more than $415 billion of value in 2021 to about $956 billion. Speculators, corporate treasurers and institutional investors are thought to have stoked Bitcoin’s volatile ascent. Crypto believers are duelling with sceptics for the dominant narrative around the climb: the former see an asset being embraced for its ability to hedge risks such as inflation, while the latter sense a precarious mania riding atop waves of monetary and fiscal stimulus.

3. Biden to Visit Pfizer Vaccine Plant as U.S. Shots Accelerate

President Joe Biden will travel Friday to the Michigan plant where Pfizer Inc. is manufacturing its Covid-19 vaccine as his administration works to boost the number of shots delivered each day. The plant, in Portage, just outside Kalamazoo in southwest Michigan, is Pfizer’s largest manufacturing facility. There, the company’s coronavirus vaccine is formulated and filled into vials before being shipped for distribution. Biden has regularly touted his administration’s progress accelerating vaccinations and has encouraged any American with the opportunity to take a shot. “If you’re eligible, if it’s available, get the vaccine. Get the vaccine,” he said during the Tuesday town hall.

4. Pound Rises Past $1.40 for First Time Since 2018 in Vaccine Play

The pound surged through $1.40 for the first time in nearly three years as investors bet the U.K.’s rapid vaccine rollout will help pave the way for a reopening of the economy this year. Sterling is headed for the sixth week of gains after the U.K. hit its target of immunizing its top four priority groups, including the over 70s, by Feb. 15. That progress could enable the country to ease its coronavirus measures, which sparked the worst recession since 1709 last year. “The bullish case for the pound versus both the euro and dollar remains intact,” said Petr Krpata, a strategist at ING Groep NV, which expects it to finish the year above $1.50. “Against the euro, the pound should benefit from the faster vaccination process and a stronger second-quarter economic rebound.”

5. Facebook’s Australia Face-Off Could Backfire Across the Globe

Facebook’s dramatic move to block Australian news sharing escalated a broader battle against global regulation. World leaders were already watching Australian legislation expected to pass next week that will force tech titans Facebook and Alphabet Inc.’s Google to pay publishers for news content. But this week’s abrupt news blackout forced the issue onto the agenda of governments whose regulators are already ramping up scrutiny of the growing influence of Facebook and its ilk in spheres from media to artificial intelligence. Facebook drew a line in the sand precisely because it feared even larger markets would follow Australia’s lead. From Europe to the U.S. and China, governments are grappling with the issue of how to regulate the world’s largest internet giants, which have recently grown into trillion-dollar behemoths that help determine what billions of people view, discuss and consume on a daily basis.

6. Austria Regulator Sees Frauds Rising Amid Crypto ‘Hype’

Austria’s Financial Market Authority has seen a record in whistle-blower reports of potential fraud in 2020, with cryptocurrencies being a focus. Two-thirds of the investment fraud reports were related to crypto- and digital currencies trading products, while the rest was, among others, related to stocks and gold, FMA said in a statement. The regulator said it saw a rise in scam offerings for digital currencies on “dubious” platforms, which were often advertised on social media such as Facebook, WhatsApp, TikTok or Telegram.

7. India’s $3.5 Billion Zombie-Home Experiment Starts to Pay Off

A 250-billion-rupee ($3.5 billion) fund set up by India’s government to complete stalled housing projects is set to deliver its first finished apartments in 2021, offering a template for a problem that has washed out savings of thousands of home buyers and bankrupted developers. The fund will hand over some 16 projects or more than 4,000 homes in the financial year starting April 1. The ‘Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects’ (SWAMIH) fund was announced in November 2019. At the time, India had an estimated $63 billion of such stalled projects as an economic slowdown and a credit crisis cascaded through the sector. Builders were unable to service their loans, forcing banks to write off the debts and worsen what was already one of the world’s biggest bad-loan piles. 

8. Renault Warns of Rough Year After Record $9.7 Billion Loss

Renault SA braced investors for another challenging year as lingering coronavirus restrictions and supply-chain challenges threaten the French carmaker coming off a record annual deficit. The manufacturer reported a net loss of 8 billion euros ($9.7 billion) for 2020, worse than the 7.85 billion euro-deficit projected by analysts. Much of the damage was done during the first half when lockdowns crippled auto-shipments. “2021 is set to be difficult given the unknowns regarding the health crisis as well as electronic components supply shortages,” Chief Executive Officer Luca de Meo said Friday in a statement. “The priority is profitability and cash generation.”

9. U.S. Says It’s Willing to Meet With Iran to Restore Nuclear Deal

The Biden administration said it would be willing to meet with Iran to discuss a “diplomatic way forward” in efforts to return to the nuclear deal quit by President Donald Trump in 2018, a first step toward easing tensions. The offer is a politically risky effort by President Joe Biden to move beyond the standoff after a slew of U.S. sanctions cratered Iran’s economy and infuriated other world leaders, who argued that the 2015 accord and the inspections regime it created had reined in Tehran’s nuclear program.

10. Uber Loses U.K. Top Court Ruling on Drivers’ Employment Status

Uber lost a U.K. Supreme Court ruling over the rights of its drivers, in a landmark decision that threatens the company’s business model in the country. The judges said that Uber drivers are “workers” entitled to rights like minimum wage, holiday pay and rest breaks. The court said the contract terms were set by Uber and working conditions were controlled by the company. Uber drivers’ “working time is not limited to the period when driving passengers,” Judge George Leggatt said in a summary of the ruling. It also “includes any period when a driver is logged into the app and ready and willing to accept trips.” The ruling is the end of the road for Uber’s five-year fight over the status of its drivers and another setback for Uber in the U.K., which is home to the ride-sharing company’s largest European market. Last year, Uber had to fight to retain its license to operate in London after the transport regulator complained about safety concerns.

Curated from Bloomberg.com

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Editorial

What is Bitcoin? How it Works, Advantages and Legalities

Since its ‘mysterious’ entry almost 12 years ago, Bitcoin has become one of the most highly discussed topics in the world. Let us take a look into the why’s and how’s of Bitcoin’s popularity.

Bitcoin is a digital currency that was created in January 2009. It provides secure global transactions very quickly and without third-party manipulations. The concept was introduced through an online document by ‘Satoshi Nakamoto’, which was an alias or pseudo-name. Till date, the identity of the person (or persons) who created Bitcoin is a mystery. People from all over the world have been trying to find out the brains behind this revolution in financial technology. 

The document titled “Bitcoin: A Peer-to-Peer Electronic Cash System” explained a unique way to create transactions without a regulatory third party. This meant that people could exchange values or conduct transactions on the internet without having to rely on an entity to validate it. Unlike normal currencies, Bitcoin would not be issued by any government, and banks would not manage accounts or validate transactions. It would be based on a cryptographic system that uses certain codes and numbers to keep information safe and secure. 

Bitcoins can be accepted as a means of payment for products sold or services provided. It also offers the promise of lower transaction fees, as compared to traditional online payment mechanisms. 

How Does Bitcoin Work?

Bitcoin is created, distributed, traded, and stored with the use of a decentralized ledger system, known as a blockchain. A blockchain can be thought of as a collection of blocks. In each block, there would be a collection of transactions. There are specific computers (or nodes) that run Bitcoin’s code and store its blockchain. In simple terms, each transaction is a ‘block’ that is ‘chained’ to the code, creating a permanent record of each transaction. 

A bitcoin wallet contains a public key and a private key, which work together to allow the owner to initiate and digitally sign transactions. This ultimately helps in providing proof of authorization. More importantly, there are bitcoin miners that independently confirm the transaction using high-speed computers. Bitcoin mining is the process of creating new bitcoins by solving certain complex math puzzles. It is necessary to maintain the ledger of transactions upon which bitcoin is based.

Source: Praxent

There are no physical bitcoins, and all balances are kept on a public ledger that everyone has transparent access to. No one can hack into the network and alter records. Bitcoin developers often reveal security concerns to the public to produce robust solutions. 

How Does a Person Obtain Bitcoins?

  • As mentioned before, people compete to mine bitcoins using high-speed computers to solve complex math puzzles. Basically, they sell their computing power to maintain the record for the chance to (maybe) earn bitcoins. This is how bitcoins are made.  
  • There are bitcoin exchanges that allow people to buy or sell bitcoins using different currencies. Coinbase, Bitstamp, and Bitfinex are prime examples of such exchanges. 
  • People can send bitcoins to each other using mobile apps or their computers. It is very similar to sending cash through digital payment apps (such as Google Pay). Internationally, this is done through tools such as Bisq, Bitquick, and LocalBitcoins.com.

High Volatility of Bitcoin

The price of a bitcoin is primarily determined by its supply and market demand. The important factor to be noted is that the supply of bitcoin is limited. There are only 21 million bitcoins that can be mined. The cost of producing bitcoin through the ‘mining’ process also affects its price. It can also be based on the reward issued to bitcoin miners for verifying transactions.

Given below is a graph showing the price of bitcoin over the past 10 years:

Source: TradingView

Historically, the value of Bitcoin has been very volatile. The first real price increase occurred in July 2010 when the valuation of a bitcoin went from around $0.0008 to $0.08 for a single coin. Bitcoin showed a huge rally in 2017. In October of that year, the price broke through $5,000 and doubled again in November to $10,000. On December 17, the price of one bitcoin had reached $19,783. However, just a few weeks later, the price fell rapidly- crashing down below $7,000 by April 2018 and below $3,500 by November 2018. 

Since 2017, many people have started to show interest in using or obtaining bitcoins. Last year, we saw that prices started at $7,200 on January 1 and closed above $28,800 on December 31. As of January 8, 2021, its price had touched over $41,900! Bitcoin has gained more popularity and acceptance as a medium of exchange. Institutional investors have been pumping in millions of dollars into bitcoin over the past few months. 

Many factors cause panic amongst bitcoin users, which ultimately leads to a fall in its price. This could include certain geopolitical tensions and the uncertainty of its future value. Cryptocurrencies are also prone to security breaches. Bitcoin could become volatile when the bitcoin community (or network) exposes security vulnerabilities.

Advantages & Disadvantages of Bitcoin

Advantages: 

  • Bitcoins are very accessible and have high liquidity. It is very easy to cash out and sell your bitcoin. 
  • There is improved security– its users can check all transactions through the transparent public ledger. Bitcoin transactions are secure, irreversible, and do not contain any sensitive or personal information of customers. 
  • Bitcoin can be transferred 24/7 to any person in any part of the world, without intermediaries in between. International money transfers with bitcoins can be faster and cheaper, as compared to traditional banking services.
  • The transaction fees paid by a user to make payments through bitcoin is very low.
  • Inflation has caused many currencies to get their value declined with time. There are only 21 million bitcoins released in the world. As the demand increases, its value will increase, which will keep up with the market and prevent inflation (in the long run).

Disadvantages:

  • The use of bitcoin is unregulated. Bitcoin has been used as a mode of exchanging money in a lot of illegal deals in the past. It is difficult for governments to track any bitcoin user or keep a tab on their data. Thus, various countries are very sceptical about their citizens investing and using such cryptocurrencies. 
  • Bitcoin has limited use, as it is currently only accepted by a few online merchants.
  • As mentioned earlier, bitcoin prices are extremely volatile. It can drop very quickly and reach very low prices. 
  • If a person forgets or loses their credentials to unlock a bitcoin wallet, their coins get locked away. There is no option to retrieve those bitcoins.
  • Mining bitcoins requires a lot of computational power and electricity input. This makes it highly energy-intensive. 
  • Cryptocurrency exchanges are not very secure. Sensitive data that is stored on these exchanges can be stolen by hackers. Exchanges, such as Bitfinex or Mt Gox, have been hacked in the past years, and bitcoin has been stolen in thousands and millions of US dollars.

Is Bitcoin Legal in India? 

Bitcoin has neither been authorized nor been regulated by any central authority in India. However, buying, selling, trading, or mining bitcoins is not illegal by any law. There are no rules, regulations, or guidelines for resolving any disputes that may arise while dealing with bitcoins. Also, cryptocurrencies are not legal tender in India. 

Between 2017 and 2019, it has been estimated that Indian investors have lost more than $500 million (~Rs 3,668 crore) in cryptocurrency scams. Crypto scammers also engage in creating fake crypto wallets. Innocent investors often fall into their trap and lose their hard-earned income. In 2018, the Reserve Bank of India (RBI) prohibited any entity from providing banking services to anyone dealing with virtual currencies. Cryptocurrency Exchanges filed a lawsuit against RBI in the Supreme Court and won the case in March 2020. The central bank’s ban was overturned, as the RBI had not presented any empirical evidence that cryptocurrencies have negatively impacted the banking sector or other regulated entities. 

In December 2020, a scam of nearly Rs 1,000 crore involving cryptocurrency trading through multiple exchanges came to light when the Enforcement Directorate (ED) arrested a cryptocurrency trader in Gujarat.

There are reports which suggest that the Union Cabinet will soon introduce a law to ban cryptocurrency trading in India. Many have invested in bitcoin and hold the cryptocurrency in our country. If a ban comes into effect, reports state that individuals may be given a period of up to three months to dispose off their assets.

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Saudi – Qatar Normalize Relations – Top 10 Global News

1. Stocks Fluctuate Amid Key Georgia Senate Runoffs

Stocks wavered amid key elections in Georgia that will decide which party controls the U.S. Senate for the next two years, setting the scope of President-elect Joe Biden’s agenda. The S&P 500 swung between gains and losses after posting its worst start to a year since 2016. There’s a perception among several traders that if Democrats prevail in Tuesday’s runoff, Congress will deliver a more generous stimulus package, potentially leading to upward pressure on inflation and interest rates as well as higher taxes to pay for fiscal aid.
The S&P 500 was little changed as of early morning New York time.

The Stoxx Europe 600 Index decreased 0.5%.

The MSCI Asia Pacific Index climbed 0.6%.

2. Saudi, Qatar Borders Reopen Before Gulf Summit

Qatar’s ruler landed in Saudi Arabia on Tuesday to a warm embrace from host Crown Prince Mohammed bin Salman, hours after their nations re-established travel ties and eased a regional dispute. Qatari Emir Sheikh Tamim bin Hamad Al Thani is attending the Gulf Cooperation Council summit for the first time since a 2017 row that cut trade, travel and diplomatic ties with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt. Saudi Arabia reopened its air, land and sea borders with Qatar on Monday, a leap toward easing the crisis that had complicated U.S. efforts to isolate Iran amid heightened tensions.

3. Oil Rises Above $48 With OPEC+ Talks Set to Start Second Day

Oil gained ahead of a resumption of OPEC+ talks that were unexpectedly suspended due to a disagreement over whether to raise output in February. Futures in New York rose above $48 a barrel after dropping the most in two weeks on Monday. Discussions will restart on Tuesday after a majority of members, including Saudi Arabia, opposed Russia’s proposal for another supply hike. The talks are happening against a shaky short-term demand backdrop. England was ordered into a third lockdown until mid-February, Germany is set to extend its curbs and Japan is considering another state of emergency for the Tokyo area. Several Asian refiners won’t be getting into long-term supply contracts for fuel sales this year, a sign the region’s energy consumption recovery is far from certain.

4. China Stock Index Tops 2015’s Peak, Closes at 13-Year High

China’s stock benchmark has ended above its 2015 bubble high, marking a recovery from one of the country’s worst equity crashes. The CSI 300 Index rose 1.9% at the close on Tuesday, surpassing the peak from June 8, 2015. That is its highest since 2008. That advance helped push the value of China’s domestic equities to a record $11 trillion. China’s stock benchmark outpaced MSCI Inc.’s global benchmark by the most in six years in 2020, with savers funnelling cash into thousands of new stock funds after some popular wealth products suffered their first-ever losses. The bullishness was reinforced by a strong currency, as well as data showing China’s economy was rebounding faster than other major economies from the virus pandemic.

5. JPMorgan Says Bitcoin Could Surge to $146,000 in Long Term

Bitcoin has the potential to reach $146,000 in the long term as it competes with gold as an asset class, according to JPMorgan Chase & Co. Bitcoin’s market capitalization of around $575 billion would have to rise by 4.6 times — for a theoretical price of $146,000 — to match the total private sector investment in gold via exchange-traded funds or bars and coins. But that outlook depends on the volatility of Bitcoin converging with that of gold to encourage more institutional investment, a process that will take some time, they said.

6. NYSE Abruptly Reverses Plan to Delist Chinese Companies

The New York Stock Exchange has abruptly reversed plans to delist three major Chinese telecommunications companies after consulting regulators about an investment ban ordered by President Donald Trump. Coming days before the companies were to be delisted — and just over two weeks before Trump is to leave the White House — the U-turn avoids a step that threatened to heighten U.S.-China tensions further. The Big Board gave no reason for its decision in a statement released during Asian hours, saying only that it had consulted “relevant regulatory authorities” about Trump’s executive order, signed in November as part of his administration’s push to check China’s growing economic power.

7. Saudi, UAE Business Conditions Improve, but Employment Falls

Business activity in the Arab world’s two largest economies improved at the end of last year, with Saudi Arabia seeing its strongest expansion in 13 months. After 2020 setbacks caused by the spread of Covid-19 and lower crude prices, non-oil private sector economies in the United Arab Emirates and neighbouring Saudi Arabia still faced job losses as firms adjusted to the challenges of the global pandemic. Purchasing Managers’ Index surveys in December for the two Gulf nations rose above the threshold of 50 that separates growth from contraction. In Saudi Arabia, the gauge rose to the highest since November 2019, driven by an increase in output and new business.

8. Danes Get 20-Year 0% Mortgages

Denmark stands out in a global context as the country to have lived with negative central bank rates longer than any other. Back in 2012, policymakers drove their main rate below zero to defend the krone’s peg to the euro. Since then, Danish homeowners have enjoyed continuous slides in borrowing costs. The once unthinkable notion of borrowing for two decades without paying interest comes as central bankers across the globe shy away from rate hikes. No major western central bank is likely to raise rates this year. As rates have continued to sink, banks in Denmark — home to the world’s biggest mortgage-backed covered-bond market — to offer 20-year loans at 0%.

9. Airlines Start to Scrap U.K. Flights Following New Lockdown

Airlines kicked off 2021 by shrinking their already meagre U.K. schedules, prompted by a new coronavirus lockdown and the prospect of further restrictions on travel abroad. The fast-spreading virus strain that’s driven up U.K. case counts has also dashed airline-industry hopes of relief from 2020’s unrelenting downturn. Prime Minister Boris Johnson late Monday announced a new coronavirus lockdown that will keep most people at home until mid-February when vaccines being rolled out are able to stem the worst infection rates since the start of the outbreak.

10. Merkel Pushes for Strict Curbs With Vaccine Strategy Under Fire

Chancellor Angela Merkel is seeking tighter lockdown restrictions to contain the coronavirus as criticism over Germany’s vaccine rollout sparks feuding in her cabinet. The chancellery is proposing a limit on how far people can travel from their homes in areas with high infection rates. The plan has run into opposition from state leaders, who are joining a video conference with Merkel on Tuesday to decide the next steps in fighting the disease. The political tensions threaten to escalate amid a rising tide of criticism that the government bungled the rollout of a Covid-19 vaccine.

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Bitcoin Crashes as Crazy Rally Ends – Top 10 Global News

1. Stocks Climb Toward Record While Bonds Decline

Stocks rose on speculation that widespread vaccine distribution and government stimulus will reignite economic growth and boost corporate profits. The dollar fell toward an almost three-year low. Markets shrugged off concern over a surge in global coronavirus cases and the threat of more stringent restrictions amid a rally in risk assets on the first trading day of 2021. The S&P 500 advanced toward another record, led by commodity, retail and technology companies.
The S&P 500 Index fell 0.1% as of early morning New York time.

The Stoxx Europe 600 Index surged 1.3%.

The MSCI Asia Pacific Index climbed 0.8%.

2. Bitcoin’s Rally Comes to a Halt as Prices Fall Most Since March

Bitcoin fizzled in Monday trading as the famously volatile cryptocurrency pulled back after a spectacular new-year rally. Prices fell as much as 17% in the biggest drop since March before recovering. The losses are small in the context of Bitcoin’s broader rally, with a 50% jump in December alone. After a parabolic 2020, the digital currency had started the new year with a bang, surging as high as $34,000 and hitting all-time highs on Sunday. As ever in the world of crypto, it’s hard to pinpoint the proximate cause for the latest bout of volatility.

3. Tesla Poised for Expansion After Just Missing 2020 Target

Tesla came close to meeting its 500,000 vehicle-deliveries goals for 2020, setting the stage for a new year in which it’s expanding in China and poised to open new factories in Texas and Germany. The electric-car maker said on Jan. 2 it handed over 180,570 vehicles in the year’s final three months, the most for any quarter but just 450 vehicles shy of the half-million mark Chief Executive Officer Elon Musk sought for the year. Tesla has been ramping up output of its more mass-market models to meet rising global demand for battery-powered cars, with 2020’s total jumping 36% from the prior year. Musk and Tesla had a remarkable year, with the company joining the S&P 500 Index in December after five consecutive quarters of profit. The shares rallied 743% in 2020, giving the carmaker a $668.9 billion stock-market capitalization. Musk ended the year as the world’s second-richest person.

4. Dollar Stumbles Into 2021 as Bets on Global Recovery Dominate

The U.S. dollar kicked off the new year with a weak start as expectations for a global economic recovery bolstered demand for riskier assets. It lost ground against almost every major currency on Monday, pushing a gauge of its strength to the lowest level in nearly three years, after purchasing managers indexes across Europe and Asia showed factory activity gathering pace. The euro rose as much as 0.7% against the dollar toward a high last seen more than two years ago, while the greenback touched the weakest level against the Chinese yuan since June 2018. 

5. U.K. Mortgage Approvals Surge to 13-Year High

U.K. mortgage approvals reached the highest since 2007 in November as housing continued to boom in spite of a broader economic downturn. The housing market is surging largely because of a tax cut on house purchases that is worth as much as 15,000 pounds ($20,000) to buyers. That’s pushed prices higher in a nation where demand has outstripped supply for decades, while measures to control the pandemic have also led to a change in working habits, boosting interest in larger properties and those outside of city centres. The jump also reflects pent-up demand from the first lockdown, when the market was largely shuttered and mortgage approvals collapsed.

6. Hong Kong Extends School Closures Until Lunar New Year

Hong Kong pushed back the re-opening of classrooms for more than a month as part of government measures to stamp out the spread of the coronavirus. The suspension of in-person classes at kindergartens through high school, a restriction originally scheduled to expire Jan. 10, will be extended until the lunar new year holidays, which begin on Feb. 12. The city reported 53 new cases for the day, 43 of which were local. Hong Kong has been one of the most aggressive places worldwide to close schools despite research from the likes of the United Nations warning about the adverse consequences of doing so.

7. Johnson Faces Third Lockdown as Virus Surges Across U.K.

Boris Johnson’s government is on the brink of another pandemic U-turn with a third national lockdown looking increasingly inevitable. A surge in infections threatens to overwhelm hospitals and throws his plan to get English children back into classrooms into disarray on a day the British prime minister had hoped to celebrate the delivery of the first shots of a Covid-19 vaccine developed by the University of Oxford and AstraZeneca. Instead, the government is back in crisis mode, with new virus cases exceeding 50,000 a day and hospital admissions soaring past the peak of the first wave in April. Johnson on Monday warned that a “surging epidemic” means stricter rules are coming.

8. Treasuries Inflation Gauge Exceeds 2% for First Time Since 2018

Traders see U.S. inflation averaging at least 2% per year over the coming decade, the first time that expectations have climbed that high since 2018. The 10-year breakeven rate — a measure that draws on pricing for inflation-linked Treasuries — rose as high as 2.0025% Monday, a level last seen more than two years ago. The gauge has gained momentum as traders prepare for an uptick in the world economy in the wake of a deal on Brexit and congressional approval for additional virus-relief aid. The roll-out of vaccinations against the coronavirus has also fueled the move higher. The Federal Reserve is setting the tone for markets, making a renewed push to revive inflation — which has been too low for years. 

9. Oil Fluctuates With OPEC+ Gathering to Decide on Feb Output

Oil swung between gains and losses ahead of an OPEC+ meeting to decide whether the group can keep lifting output as a surging virus threatens the global energy demand recovery. OPEC and its allies are gathering to gauge whether the market has the appetite to absorb another increase in supply after they raised output by 500,000 barrels a day for January. The demand outlook for the first half of this year is mixed and there are still many downside risks to juggle, OPEC Secretary-General Mohammad Barkindo said on Sunday. There are signs that lockdowns in some countries are set to be extended, potentially curbing oil demand. Germany is poised to prolong stricter lockdown measures beyond Jan. 10, while Japan is considering another state of emergency for the Tokyo area.

10. Israel Sets Pace on Vaccine Rollout; Schools Close: Virus Update

Global coronavirus infections climbed above 85 million, after daily cases in the U.S. soared to a record of nearly 300,000 following the New Year holiday. Germany is set to extend its lockdown, while Hong Kong won’t re-open classrooms for more than a month, as many nations opt to delay reopening schools. Japan’s prime minister is considering another state of emergency for the Tokyo area, with cases at records and a vaccine rollout more than a month away. Israel said it plans to vaccinate 70% to 80% of its population by April or May. The U.K. gave the first shots of AstraZeneca’s vaccine on Monday, in a race against a faster-spreading variant that’s prompted lockdowns across the country.

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U.S. Pitches China’s Belt & Road Alternative – Top 10 Global News

1. Record Equity Rally Eases while Treasuries Advance

The global stocks rally eased on Friday as investors assess valuations following a record rise in equities this month and the enduring pandemic in parts of Europe and the U.S. Oil retreated amid rising tensions among OPEC+ members. Futures on the S&P 500 edged higher amid lower-than-average market volumes with reduced trading hours for U.S. stocks and bonds. Treasuries advanced and the dollar headed for a second weekly decline.

S&P 500 futures climbed 0.3% by early morning New York time.

The Stoxx Europe 600 index was little changed.

The MSCI Asia Pacific Index rose 0.2%.

The MSCI Emerging Markets Index was little changed.

2. U.S., Taiwan to Push an Alternative to China’s Belt and Road

An informal U.S.-led alliance to provide an alternative to China’s Belt and Road Initiative will provide greater transparency to countries seeking funding to develop their infrastructure. Taiwan and the U.S. are moving ahead with a plan to finance infrastructure and energy projects in Asia and Latin America, using capital raised from the private sector to ensure greater transparency. The plan, initiated with the signing of an agreement between the U.S. and Taiwan in September, aims to raise funds through bonds aimed at Taiwanese banks, insurers and other private capital. It is an opportunity for both Washington and Taipei to counter China’s global infrastructure spree amid concerns about Beijing’s commitment to international projects and worsening finances among developing countries.

3. OPEC+ Calls Last-Minute Talks Ahead of Decision on Oil Cuts

Saudi Arabia and Russia summoned the OPEC+ alliance for last-minute talks on Saturday, just before it’s due to decide whether to delay January’s output increase. A clear majority of OPEC+ watchers expect the group to maintain their supply curbs at current levels for a few months longer due to lingering uncertainty about the strength of demand. However, the decision is by no means certain amid public complaints from Iraq and Nigeria, and private discord with the United Arab Emirates. The 23-nation network known as OPEC+ made vast production cuts during the depths of the pandemic to offset a historic collapse in fuel demand. The alliance had planned to ease some of the curbs at the start of 2021 in anticipation of a global economic recovery

4. India Enters Recession as Virus Pummels No. 3 Asian Economy

India entered an unprecedented recession with the economy contracting in the three months through September due to the lingering effects of lockdowns to contain the Covid-19 outbreak. Gross domestic product declined 7.5% last quarter from a year ago, a marked improvement from a record 24% contraction the previous quarter. Prime Minister Narendra Modi imposed one of the world’s strictest lockdowns in March, sapping demand for non-essential goods and services. Despite the measures to stem the pandemic, the country is now home to the second-highest Covid-19 infections after the U.S. at 93 lakh cases. The second straight quarterly decline in GDP pushes Asia’s third-largest economy into its first technical recession. Financial and real estate services — among the biggest components of India’s dominant services sector — shrank 8.1% last quarter from a year ago, while trade, hotels, transport and communication declined 15.6%. Manufacturing gained 0.6%, electricity and gas expanded 4.4% and agriculture grew by 3.4%.

5. Bitcoin Edges Lower to Extend Biggest Slump Since Pandemic Hit

Bitcoin and many of its major peers edged lower on Friday in the wake of some of the biggest declines since the onset of the pandemic, a sell-off that has stirred fresh doubt about this year’s craze for cryptocurrencies. The most-traded digital coin slipped as much as 2.6% before paring the decline.  The sell-off was kicked off by worries over the prospect of tighter crypto rules in the U.S. and profit-taking after a big rally. Even with the slump, Bitcoin has more than doubled this year — an advance that has split opinion. Crypto believers tout a broadening investor base and the search for a hedge against dollar weakness as reasons for a durable boom. Critics point to a history of big swings, including a spectacular boom and bust three years ago.

6. Pfizer Vaccine Goes to Malaysia: Covid-19 Updates

Malaysia agreed to use Pfizer’s Covid-19 vaccine for 20% of its population, while Russia hopes to start supplying its shots next month to Hungary. Ireland, the first western European country to reimpose a lockdown, will order an easing of coronavirus curbs on Friday. Germany’s patients in intensive care rose to record levels. AstraZeneca’s vaccine looks like it’s headed for an additional global trial as the drugmaker tries to clear up uncertainty around favourable results in its current study. Tokyo posted a record 570 cases just one day before a request for bars and restaurants to close early takes effect. New York’s new infections reached a seven-month high, while hospitalizations rose to their highest level since June.

7. Qatar Inks Deal for Minority Stake in Turkish Stock Exchange

Qatar announced a series of high-profile investments in Turkey, its biggest ally in a years-long rift with Gulf heavyweights Saudi Arabia and the United Arab Emirates, including the purchase of a stake in the country’s main bourse. Doha-based sovereign wealth fund Qatar Investment Authority signed a memorandum of understanding with its Turkish counterpart known as TWF to purchase a 10% stake in Borsa Istanbul AS. The agreement for a minority stake in the company that runs the main Turkish stock exchange, for an undisclosed amount, was unveiled at a ceremony at the presidential palace in Turkey’s capital Ankara. Qatar also signed another preliminary deal to invest in a multibillion-dollar port project in Istanbul and finalized an earlier agreement to buy a stake in Istinye Park, one of Istanbul’s largest shopping malls that’s popular among tourists from the Middle East.

8. Brexit Britain’s Food Supply Is Imperiled by Christmas and Covid

A scarcity of warehouse space because of Christmas demand and the pandemic is putting the U.K. at risk of shortages of some food products as it prepares to leave the European Union’s single market. With five weeks to go before the end of the Brexit transition period, large manufacturers and industry groups are warning that the capacity of the food supply chain is at its peak and can’t withstand any further shocks. There have been numerous warnings about potential Brexit disruption from companies and even U.K. ministers, such as lines of trucks on the highway regardless of whether there’s a trade deal or not. The trouble is that the latest contingency planning couldn’t come at a worse time as Christmas goods take up storage space.

9. Euro-Area Economic Confidence Slumps Amid New Virus Restrictions

Economic confidence in the euro area fell sharply in November, the first deterioration in seven months after governments imposed new restrictions to halt the spread of the coronavirus. A European Commission sentiment index dropped to 87.6 from 91.1 the previous month, with retailers, services providers and consumers particularly pessimistic. An indicator for employment expectations declined for a second month. Many governments took new steps to curb economic activity in November, threatening to pitch the currency bloc back into a slump in the final quarter. Germany extended its partial lockdown until at least Dec. 20, while France is planning to keep restaurants closed until a month after that.

10. China Targets Australian Wine, Says Ties Have Taken ‘Nosedive’

China is set to impose anti-dumping duties of more than 100% on Australian wine from this weekend, adding to a series of sweeping trade reprisals this year and further escalating tensions with Canberra. The anti-dumping deposits will take effect Nov. 28 and range from 107.1% to 212.1%, the Chinese Ministry of Commerce said. Australia responded by warning Beijing that its actions could create a perception among businesses and countries around the world that trade with China is risky.

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Elon Musk World’s 2nd-Richest Man now – Top 10 Global News

1. Cyclicals Lead Global Stocks Higher; Dollar Drops

Cyclical companies are powering global equities higher for a second day as investors cheered the start of U.S. President-elect Joe Biden’s formal transition and the prospect for more economic stimulus. Futures on the S&P 500 outpaced contracts on the tech-heavy Nasdaq as investors doubled down on economically sensitive sectors such as travel and energy. Oil and gas shares led the Stoxx 600 Index higher. EasyJet and International Consolidated Airlines Group SA rose after England planned to cut its quarantine period for arrivals from high-risk countries.

Futures on the S&P 500 Index rose 0.8% as of early morning New York time.

The Stoxx Europe 600 Index rose 0.6%.

The MSCI Asia Pacific Index rose 0.9%.

The MSCI Emerging Market Index was little changed.

2. Bitcoin Pierces $19,000 for First Time Since 2017

Bitcoin surpassed $19,000 (INR 14 lakh) for the first time since 2017 as the mania over digital currencies continues to grip Wall Street. Bitcoin climbed as high as $19,103 before paring the advance, trading up 2.2%. Prices are approaching an all-time high with many pointing to the wider acceptance of cryptocurrencies among traditional investors as the catalyst behind the surge. PayPal Holding Inc.’s October decision to allow customers to access cryptocurrencies led the coin to spike above $13,000 for the first time in over a year. And Fidelity Investments launched a Bitcoin fund over the summer.

3. Elon Musk Overtakes Bill Gates to Grab World’s Second-Richest Ranking

Elon Musk’s year of dizzying ascents hit a new apex Monday as the Tesla co-founder passed Bill Gates to become the world’s second-richest person. The 49-year-old entrepreneur’s net worth soared from $7.2 billion to $127.9 billion (INR 9.5 lakh cr), driven by yet another surge in Tesla’s share price. In January he ranked 35th. His advance up the wealth ranks has been driven largely by Tesla, whose market value is approaching $500 billion. About three-quarters of his net worth consists of Tesla shares, which are valued more than four times as much as his stake in Space Exploration Technologies Corp., or SpaceX.

4. Biden Begins Formal Transition After Trump Yields on GSA Process

President-elect Joe Biden and his team will begin to delve into Donald Trump’s coronavirus vaccine planning and assess the condition of federal agencies after the president relented and allowed the transition planning to begin. After weeks of inaction, the chief of the General Services administration acknowledged Monday that Biden was the “apparent winner” of the Nov. 3 election. The shift came after the key swing state of Michigan certified Biden as the winner, at least nine Republican senators called for the transition to begin and the Trump legal team suffered fresh setbacks.

5. UAE Allows Full Foreign Ownership of Firms to Boost Economy

The United Arab Emirates abolished the need for companies to have Emirati shareholders, in a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices. The amendments to the 2015 commercial companies’ law remove key provisions requiring that a company be chaired by an Emirati national and for the board of directors to be majority Emirati, citing changes issued by the country’s president. The rules come into effect on Dec. 1 and are the latest in a series of measures aimed at liberalizing business activity in the UAE, where foreigners comprise more than 80% of the population. The amendments are designed to reduce costs for companies and attract foreign entrepreneurs often put off by regulations demanding they hand 51% of their business to locals in order to operate onshore.

6. Millions of Americans Expect to Lose Their Homes as Covid Rages

Millions of Americans expect to face eviction by the end of this year, adding to the suffering inflicted by the coronavirus pandemic raging across the U.S. About 58 lakh adults say they are somewhat very likely to face eviction or foreclosure in the next two months, according to a survey completed Nov. 9 by the U.S. Census Bureau.  The CARES Act, signed into law last March, allows homeowners to pause mortgage payments for up to a year if they experience hardship as a result of the pandemic. Borrowers who signed up at the start of the program could face foreclosure by March. The Centers for Disease Control and Prevention’s nationwide temporary suspension on evictions — aimed at stemming the spread of coronavirus — is slated to end Dec. 31. The timing is far from ideal given millions of people are also set to lose their unemployment benefits at year-end without an extension from Congress.

7. Boris Johnson Ends England Lockdown But Tougher Regional Rules Follow

Prime Minister Boris Johnson confirmed England’s national lockdown will end next week, to be replaced by a tougher three-tier system of regional restrictions designed to last until spring next year. Ministers are drawing up plans to allow rules to be relaxed across the U.K. in time for Christmas and Johnson said if all goes well with the roll-out of vaccines, “the vast majority” of people who need a shot will get one by April. Under the new rules for England, from Dec. 2 shops, hairdressers and gyms will reopen across the country, but bars and restaurants will be take-away only in areas under the tightest restrictions. The government will announce on Thursday which tiers regions are being placed in after looking at the latest data on infections.

8. Xiaomi’s Sales Grows Fastest in Two Years After Huawei Slide

Xiaomi posted its fastest pace of revenue growth in more than two years after the Chinese smartphone giant grabbed market share from Huawei when American sanctions deepened. China’s No. 2 smartphone name reported a stronger-than-anticipated 34.5% rise in sales in the September quarter. More than half of that originated beyond its home country for the first time as Xiaomi took advantage of Huawei’s retreat to delve deeper into markets from Western Europe to India, where it widened its lead. The company has been among the biggest beneficiaries of the Trump administration’s campaign to ban Huawei and contain China’s technological ascendancy.

9. Russian COVID-19 vaccine to cost less than $20, free for citizens

Russia’s two-shot Sputnik V COVID-19 vaccine will cost less than $20 per person on international markets and will be free of charge for Russian citizens, according to a statement on the official Sputnik V Twitter account. Kirill Dmitriev, head of Russia’s RDIF sovereign wealth fund, told the Reuters news agency Sputnik V earlier on Tuesday that it would be priced significantly lower than rivals with similar efficacy levels. Sputnik V vaccine is 95 percent effective according to second interim analysis of clinical trial data, developers say.

10. Japan and China Agree to Restart Two-way Travel by End November

The foreign ministers of China and Japan agreed at a meeting in Tokyo to lift some virus-related travel restrictions by the end of the month, while also re-stating their differences over disputed islands in the East China Sea. Foreign Minister Wang Yi is the first senior Chinese official to visit Japan since Prime Minister Yoshihide Suga took office in September. The two men are set to meet Wednesday, as China seeks to recalibrate its ties with key American allies ahead of U.S. President-elect Joe Biden’s inauguration next year. Suga, who has little experience of diplomacy, must strike a delicate balance between the U.S., Japan’s only formal military ally, and China, its biggest trading partner.

Curated from Bloomberg.com

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Market News Top 10 News Top Global News

Boeing 737 MAX allowed to fly – Top 10 Global News

1. U.S. Stock Futures Rise

U.S. equity futures and European stocks rose on signs that scientists are making fast progress toward a vaccine. Bitcoin surged past $18,000 for the first time since December 2017. Pfizer gained 2.8% in pre-market trading after saying that its Covid-19 vaccine was 95% effective with no significant safety problems so far. The news paves the way for the company to apply for the first U.S. regulatory authorization for a coronavirus shot within days. Boeing added 6.7% as the Federal Aviation Administration ruled that the 737 Max will be cleared to fly after extensive fixes.

The tech-heavy Nasdaq 100 lags behind. Equity indexes were green across Europe in a broad-based advance.

Futures on the S&P 500 Index gained 0.3% as of early morning New York time.

The Stoxx Europe 600 Index rose 0.4%.

The MSCI Asia Pacific Index increased 0.2%.

The MSCI Emerging Market Index climbed 0.7%.

2. Pfizer, BioNTech Plan Filing as Vaccine Proves 95% Effective

Pfizer said a final analysis of clinical-trial data showed its Covid-19 vaccine was 95% effective, paving the way for the company to apply for the first U.S. regulatory authorization for a coronavirus shot within days. The U.S. drugmaker and partner BioNTech SE said their vaccine protected people of all ages and ethnicities, with no significant safety problems so far in a trial that includes almost 44,000 participants. The update is the latest in a string of promising developments on the vaccine front in recent days. 

3. Boeing Max Cleared to Fly as FAA Lifts Long U.S. Grounding

Boeing’s 737 Max can safely return to the skies with an extensive package of fixes, U.S. regulators ruled, after a scarring 20-month grounding prompted by a pair of fatal crashes. The actions, announced Wednesday by the Federal Aviation Administration, mark the end to the longest grounding of a jetliner in U.S. history and set the stage for airlines and other regulators around the world to resume passenger service with the plane. Boeing shares jumped 6.6%. They had lost 50% of their value since the March 10, 2019 crash of an Ethiopian Airlines Group flight that triggered the global grounding of the 737 Max.

4. Morgan Stanley Is Bullish on Tesla for First Time Since 2017

Morgan Stanley gave Tesla Inc. an overweight rating for the first time in more than three years, predicting that Elon Musk’s firm is on the verge of a “profound model shift” from selling cars to generating high-margin software and services revenue. The valuation now includes Tesla’s network services, energy storage and insurance businesses. The internet-of-cars opportunity is also real, and a prerequisite to unlock further gains for the stock, analysts wrote.

5. Tencent to Invest in Online Education Startup Udemy

Chinese technology company Tencent is a lead investor in a funding round that valued the online education startup Udemy at more than $3 billion. Investors were also told by Udemy that the company could pursue an IPO next year. Udemy said Wednesday that it has raised $50 million in a round valuing the company at $3.25 billion before the new investments.  Beyond its core gaming and social media empire, Tencent invests in China and increasingly outside it, grooming upstarts in everything from supplying fresh vegetables to building electric vehicles.

6. Apple to Cut App Store Fees in Half for Most Developers

Apple is cutting by half the fees charged to most developers who sell software and services on the App Store, marking the biggest change to the store’s revenue structure since the iPhone maker launched the service in 2008. The company is lowering the App Store fee to 15% from 30% for developers who produce as much as $1 million in annual revenue from their apps and those who are new to the store. The change will go into effect Jan. 1 as part of an App Store Small Business Program, Apple said Wednesday. The tech giant said it’s making the change to help small developers financially and to provide a way for them to invest in their businesses amid the economic struggles caused by the Covid-19 pandemic.

7. Bitcoin is back and it just soared past $18,000

Bitcoin reached $18,000 (INR 13.36 lakh) for the first time since just after the burst of the cryptocurrency bubble almost three years ago. The largest digital coin, which has more than doubled this year, surged as much as 6.2% on Tuesday in New York trading. From an all-time high in December 2017 of nearly $20,000, Bitcoin tumbled to as low as $3,136 (INR 2.32 lakh) within a year. Its gains this year follow a wider embrace from Wall Street linchpins, including Fidelity Investments, which launched a Bitcoin fund over the summer. PayPal said in October it would allow customers to access cryptocurrencies, which spurred bets more people could start to use digital tokens.

8. China to overtake 56 nations by 2025 in per capita income surge

The Asian powerhouse is forecast to have per capita gross domestic product, adjusted for purchasing power, equal to $25,307 (INR 18.78 lakh) in 2025. China’s surging economy is set to overtake 56 countries in the world’s per-capita income rankings during the quarter-century through 2025, the International Monetary Fund projects. By that date, China will rank 70th in the world on the metric, putting it close to joining the richest one-third of nations, according to data analyzed by Bloomberg from last month’s IMF World Economic Outlook.

9. Merkel Under Fire as Virus Strategy Sparks Anger From All Sides

Chancellor Angela Merkel came under pressure as a protest over her strategy to quell the coronavirus turned violent and a close ally issued a public rebuke. Berlin police used water cannons to break up a large demonstration near Brandenburg Gate on Wednesday. Participants — which totaled 14,000 people, according to police — refused to abide by distancing and hygiene rules, while some threw bottles and other objects. Pressure has been growing on German authorities, which are facing a crunch meeting next week to lay out a long-term plan to fight the pandemic. With restrictions likely to be extended and intensified, public anger and political tensions are rising.

10. Nissan’s Britain business tough to sustain without Brexit trade deal

Any final exit by Britain from the European Union that worsens business conditions through increased tariffs would threaten the sustainability of Nissan Motor Co’s UK operations, the Japanese car maker’s chief operating officer cautioned. Nissan, which employs 7,000 people at Britain’s biggest auto plant in the northeastern city of Sunderland called in June for an “orderly balanced Brexit”. But the latest warning comes as the EU cautions Britain it has fewer than 10 days left to secure a deal governing trade from next year.